Friday, April 19, 2024

ACT marks 32 years of growth

National accounts figures released by the Australian Bureau of Statistics today show a considerable achievement for the ACT – 32 years of consecutive economic growth.

Chief Minister, Andrew Barr says this has been achieved despite a once-in-a-century pandemic, a global financial crisis, the tech-wreck recession and the public service slashing Abbott and Howard Governments.

“A strong local economy creates more jobs, supports higher wages and delivers more investment into the infrastructure that makes Canberra one of the most liveable cities in the world,” said Mr Barr.

“The economy is expected to continue to grow at around 3% per annum over the coming years, supported by our growing population, employment and wages growth, and the Government’s Infrastructure Investment Program.”

The ACT’s unemployment rate in July 2022 was 3.3% and underemployment was also at historically low levels.

“Australia will continue to face short term economic challenges, with a softening of the national economic outlook as business and consumer confidence is impacted by the short-term inflation spike and the lifting of the cash rate by the Reserve Bank of Australia.”

“The ACT Government is aware of the cost of living pressures some Canberrans are experiencing, and our recent Budget is delivering more Government services to support low income households. We also welcome the expected additional support that the Commonwealth Government will provide through their Budget,” the Chief Minister said.

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